U.S. stocks have been rattled in August by a rise in real interest rates and bond-market volatility, yet “very little about this selloff strikes us as fundamentally worrisome,” according to DataTrek Research.
“Apple is the only Big Tech company really hitting” the S&P 500, said Colas. “Apple’s weakness aside, US Big Tech has been holding its own during this month’s selloff.” The seven U.S. Big Tech stocks in the S&P 500 — Apple, Microsoft Corp., MSFT, +0.56% Google parent Alphabet Inc GOOGL, +1.11%. , Amazon.com Inc. AMZN, +0.20%, Nvidia Corp., Facebook parent Meta Platforms Inc. META, -0.17% and Tesla Inc. TSLA, +1.22% — comprise 26.8% percent of the index, according to DataTrek. Excluding Apple, Big Tech makes up 17.8% of the S&P 500’s decline this month, “slightly less than their collective 19.8 percent index weighting,” Colas said.
“Even with the recent VIX spike, August is looking fairly quiet relative to January – May,” said Colas, referring to the index’s ticker. “That’s predominantly – but not exclusively – good news.” The U.S. economy is chugging along with “still decent” corporate earnings, which are expected to improve on cost cutting in future quarters, according to DataTrek.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: CNBC - 🏆 12. / 72 Read more »